Photograph US Embassy Colombo

A US delegation, led by Assistant Trade Representative for Central and South Asia, Michael Delaney, is currently in Sri Lanka for the 11th Trade and Investment Framework Agreement (TIFA) Joint Council Meeting.

On Thursday, the American and Ceylon Chambers of Commerce joined the Sri Lankan Ministry of Industry and Commerce to co-host the US-Sri Lanka Business Forum, according to a press release by the US embassy in Colombo.

"Our TIFA meetings were cordial and productive," said Delaney.

"We were able to identify a number of ways we can deepen cooperation and boost two-way trade and investment."

A press release by the industry ministry quotes Delaney as saying on Wednesday that the TIFA had deepened the economic relationship between the countries.

“US-Sri Lanka Trade and Investment Framework Agreement (TIFA) is the premier dialogue for managing bilateral trade and investment relationship between both countries. This relationship amounts to $3bn. As such, being the premier dialogue channel, we attach considerable importance to the TIFA and in our view, over the years, TIFA has proven itself that it has been successful in deepening our economic relationship” said Delaney.

”[The] US greatly values our trade and investment relationship with Sri Lanka. That relationship is responsible for a lot of beneficial things and is hundreds of years old. Today we in this room, have been entrusted to manage this relationship and take the necessary measures that will enable it to continue to grow. Our economic relationship is about creating employment and prosperity for both our countries. We have accomplished much and we can do so much more. Today we have a diverse agenda of issues to work through and let address ourselves to this task, and grow our economic relationship.”

The Minister for Industry, Rishad Bathiudeen welcomed the visit and highlighted the increasing trade between Sri Lanka and the US.

“I am happy to note that a US business and investment team is now in Colombo on the side-lines of TIFA talks. TIFA has become a very effective mechanism for the two governments to advance trade and investment interests, since it began in 2002. As Sri Lanka takes on a journey to become the Economic Hub of South Asia, it is clear that TIFA’s importance would continue to grow,” the minister said.

Bathiudeen praised the “visionary leadership” of President Rajapksa for improving Sri Lanka’s economy.

“Thanks to the visionary leadership of H.E the President Mahinda Rajapaksa, Sri Lanka is now on a journey to achieve upper middle income country in the near future. As for bilateral trade, the US is the single largest buyer of our exports since 1979. Seen from our side, bilateral trade between both countries increased by a strong 21 percent to 2.8 billion dollars in 2013, compared to 2012,

“US absorbs 23% of Sri Lanka’s annual total exports, of which 73% comes from high end apparels. The US, is an important source of foreign direct investments to Sri Lanka. So far there have been more than 220 US investment projects to the value of around US $ 400 million. Speaking of investments, I have been given to understand that the US Export Import Bank is has renewed its partnership with Sri Lanka after almost a decade. Through its facilitation, a US company has invested $65 Million in a water supply project in Badulla District. I invite other US investors to make use of Export Import Bank’s benchmark initiative for infrastructure development projects in Sri Lanka.”